Buy Bitcoin For Faster International Money Transfer
Cryptocurrency popularity is growing fast and more and more people buy bitcoin in order to make international money transfer to friends or relatives.
Remittance is a multi-billion dollar industry which has been the El Dorado of a few blue chip companies such as Western Union, MoneyGram, Travelex, WorldReit and XE Money Transfer.
But now there is a new player in the remittance market and its features are very hard to compete with. As you will see in the video below, Bitcoin provides financial benefits that are so advantageous that it is pretty safe to bet on its bright future and longevity.
Fees, that's the name of the game when it comes to money transfer.
For the big corporation, it is all about how much their can charge you for sending your money abroad and what percentage of the total transfer amount they can pocket.
For example, hard working migrants might have to pay 20% plus fees to send money to India or even 30% plus fees to send money to Nigeria.
When you know that in some third countries, capital coming from abroad via remittance represents as much as a third of the country GDP, it is easy to understand how bitcoin and cryptocurrencies can absolutely disrupt this market.
Indeed Bitcoin fees are low, very low compare to what traditional money transfer companies charge. The only that might stop someone from switching from Western Union to Bitcoin blockchain is education on fintech. But money savings is a great motivator.
Even British senior citizens, who are usually reluctant to anything web related, are jumping on the cryptoccurency trend. Bitcoin's fee are very small because there is no middle, no institution running the show. Bitcoin runs on a fully decentralized network of computers, which owners ( the bitcoin miners ) get paid very small fees for the transactions they processed.
How do I buy bitcoin and how can I send it to my family members?
In order for you and your relatives to start using bitcoin, you will all need a bitcoin wallet.
Keeping in ind that bitcoin is a digital currency, it is therefore normal for the bitcoin wallet to
be a digital wallet or software where your coins are stored.
The software can be running on an online server, in which case we are talking about web wallet.
But many crypto investors would rather buy a physical device that keep their bitcoin off the internet. In this instance we are talking about hardware wallet.
Where do you get a crypto wallet?
A quick online search will bring you a great list web wallets to choose from. You will also find plenty of bitcoin app by searching on your Android or Apple app store.
We personally like the eToro wallet for its ease of use and user friendly interface.
Simply take the time to read reviews, try a few and see which one is right for you.
Now that you have an web wallet or a bitcoin wallet on your phone, how do you load it with cryptocurrencies?
Generally people will buy bitcoin on cryptocurrency exchanges or they will make a google search for "Bitcoin ATM near me". If you are new to the cryptosphere and if you decide to use a Bitcoin ATM machine, make sure to write down the name of the company who owns the ATM. Then go on their website or Youtube channel to watch their online video tutorials on how to use Bitcoin ATM of that particular brand. You want to be sure that you know what you are doing, specially if it is your first time buying bitcoin.
The easier option could be to buy your bitcoin online from a reputable cryptocurrency exchange.
This way, if you have any queries all you have to do is click on the online help button to get live assistance and guidance.
Here are the main Bitcoin exchanges :
Coinbase exchange
A US-based Bitcoin exchange company with a presence in over 30 countries and one of the most reputable exchange companies in the cryptocurrency business. Coinbase accepts debit card when purchasing bitcoin and charge 3.99% which is pretty low when compared with other Bitcoin exchanges. However, you are required to complete your ID verification before you can add a card to purchase bitcoins. Your level of verification determines how much Bitcoin you can purchase daily with the highest verification allowing you to purchase $50,000 worth of bitcoins daily. Also, Coinbase doesn’t accept credit cards from customers in the United States.
Coinmama Exchange
It is a user-friendly and reliable bitcoin exchange website that support card payment for the purchase of Bitcoins. Coinmama currently charges around 5% for card purchases which are higher than Coinbase but they offer higher limits than Coinbase. Also, Coinmama doesn’t have a wallet where you can store your purchased bitcoin, instead, a wallet address is requested once you make payment for your bitcoin.Coinmama accepts credit card & debit card. CEX.IOIt’s one of the most secure Bitcoin exchanges in the world and they also accept debit and credit cards.CEX is based in the UK and has been in business for quite a while now; since 2013 and still maintain the record for their top-notch security.
They charge 3.9% on Debit and Credit card purchases but they also have a unique feature that most exchanges don’t have and this feature allows you to sell bitcoin back to your credit card/debit card. They charge 2.9% for sell-back to credit cards.
BitPanda
This Austrian based Bitcoin exchange also accepts Cards for payment on Bitcoins and also has a plethora of other payment options like Skrill, Giropay but the downside of this European-based exchange is the fact that the Bitcoin-Buying option is only available to European residents.
However, if you’re not an EU resident, you’re only allowed to store or send your Bitcoin on the platform through Neteller. Bitpanda also has a reasonable charge on card purchases. The charge 1.50% on Visa & Master card purchases and they are limits for different levels of buyers.Unverified buyers get low-buying limits while verified users have very high buying limits; they can buy as much as 500K Euros worth of Bitcoins a day.
BitStamp
Known as one of the first fully licensed Bitcoin exchange in the world. The exchange started operations in 2011 and is still in operation. It’s one of the oldest bitcoin exchanges that offer card payment options but its services are limited to only EU and US residents.
They charge 5% on bitcoin credit card purchases but don’t charge withdrawal fees on withdrawals less than $1,000.
Please be careful when buying cryptocurrencies as this could prove disastrous if your personal details get into the wrong exchange. Use only reliable and trusted exchanges when you buy bitcoin with debit card.
There is a growing market of people who buy bitcoin in UK in order to transfer money to family members in India. Same trend can be noticed in population originated from Pakistan, China, Nigeria and Brazil. Bitcoin really makes international money transfer faster, easier and cheaper.
Internet money is just one of the many application of the Bitcoin blockchain.
This is just the beginning, make sure to sign up to our Buy Bitcoin UK Youtube channel to stay updated on this monetary revolution.